Digi MSME Loan

Eligibility

All the existing customers will be eligible based on pre-defined business rule engine: -

Major eligibility criteria are as under: -
a) Individual Customer or Sole proprietor having an active KYC complied Current Account with any bank for the past 12 months.
b) Applicant should be between 18 and 65 years of age.
c) Udyam registration is mandatory (Click https://udyamregistration.gov.in/ for Udyam Registrtion)
d) Not availing any fund based business loan of revolving nature (i.e CC/OD) from any Bank/FI.
e) GST-registered entities will not be eligible for loans exceeding Rs 10 Lakh. GST-registered entities requiring loans above ?10 lakh will be automatically routed to the e-GST Express scheme.

Extent of Loan

Up to Rs 25.00 Lakh (Overdraft (General), with Tenure – One Year, Annual Limit Renewal).

Security

Primary Security – Entire present and future current assets

Collateral Security – Guarantee Coverage under CGTMSE to be obtained. For Fresh Cases, the CGTMSE charges will be collected digitally through the portal from the borrower.

Rate of Interest

Interest rate will vary from RLLR+BSP+1.75% to RLLR+BSP+2.75% depend on scoring parameter. Interest rate linked to RLLR (linked to REPO Rate and currently RLLR is 9.25%. RLLR may be revised from time to time in terms of RBI Guidelines.

Documentation

Digitally through Aadhaar based OTP. However, documents shall be executed offline where e-sign and e-stamp facility is not available.

Customer Current account shall be lien marked with the requisite amount of e-Stamping before proceeding for disbursement.

For New/ Enhancement cases, fresh documentation shall be executed during the journey. All requisite documents shall be generated through system only

Credit Information Report

The CIR will be automatically generated and analysed by the system using the pre-defined Business Rule Engine (BRE).

Charges

Processing Fee: Up to Rs 5.00 Lakh – NIL
Rs 5.00 Lakh - Rs 25.00 Lakh – 0.35% of loan amount + 18% GST.

CIC Charges: For Commercial CIC - Rs 500 + GST (18%) & for Consumer CIC - Rs 100 + GST (18%) on per hit basis.

CGTMSE Fee: As per loan amount and will be borne by the borrower every year.

Loan Account

For existing customers, the loan account shall be digitally opened in the base branch where customer is maintaining his/ her current account.

For new customers, after getting acceptance of sanction letter, loan account will be opened in the branch selected by the customer based on the area where the customer is maintaining their existing account in other bank.

QR Code

QR code shall be generated through system and shall be delivered on email ID of branch as well as borrower (If available in system).